LyondellBasell’s Bob Patel to Lead W. R. Grace
Bhavesh (Bob) Patel, who announced on Aug. 25 his resignation as CEO of US polyolefins giant LyondellBasell, will lead W. R. Grace with effect from January 2022. The appointment was confirmed by Standard Industries Holdings, which expects to close its acquisition of W.R. Grace in the final quarter of 2021. The US chemical producer will subsequently be de-listed from the New York Stock Exchange and become a privately held standalone company within Standard.
"We’re thrilled to welcome Bob to the Standard family as CEO of W. R. Grace," said David Winter and David Millstone, Standard’s co-CEOs. “He has proven himself to be the right person to lead Grace’s exceptional team and help architect Standard’s investment in the advanced materials space. He will be instrumental in taking Grace into its next chapter as we ensure a seamless transition post-close and embark on an ambitious growth strategy."
Patel will succeed Hudson La Force, who has been Grace’s CEO since 2018. La Force will remain in position until the end of this year and become a member of Standard’s advisory board in January 2022.
Joining LyondellBasell in 2010, Patel became CEO in 2015. He is credited with optimizing the company’s cost structure and geographic footprint through a series of restructuring measures in both Europe and the US. He also boosted earnings power through several strategic investments, including acquiring A. Schulman in 2018, and building new world-scale manufacturing facilities.
Following Patel’s announcement that he had decided to “move on to the next chapter of my career,” Yan Zhang, chair professor of strategic management at Rice University’s Jones Graduate School of Business in Houston, Texas, told the Houston Chronicle newspaper she believed his departure was tied to a chemical leak that occurred on Jul. 27 at the company’s plant in LaPorte, Texas, killing two contractors and injuring 30 workers.
LyondellBasell has not commented further on Patel’s resignation.
Author: Elaine Burridge, Freelance Journalist
